TD Asset Management Inc. Acquires 124,435 Shares of Shopify Inc. (NYSE:SHOP)

TD Asset Management Inc. boosted its stake in Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 17.5% during the 1st quarter, reports. The fund owned 835,215 shares of the software maker’s stock after purchasing an additional 124,435 shares during the quarter. TD Asset Management Inc.’s holdings in Shopify were worth $564,971,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Congress Wealth Management LLC DE purchased a new position in Shopify in the 4th quarter worth approximately $256,000. Mercer Global Advisors Inc. ADV grew its position in shares of Shopify by 16.8% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 3,756 shares of the software maker’s stock worth $5,174,000 after buying an additional 541 shares in the last quarter. Sandy Cove Advisors LLC bought a new stake in Shopify during the fourth quarter valued at about $62,000. Envestnet Asset Management Inc. boosted its position in Shopify by 3.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 115,841 shares of the software maker’s stock valued at $159,559,000 after purchasing an additional 3,545 shares in the last quarter. Finally, Modera Wealth Management LLC purchased a new stake in Shopify in the fourth quarter valued at about $214,000. Hedge funds and other institutional investors own 62.60% of the company’s stock.

Shopify Price Performance

Shares of SHOP traded down $1.70 during mid-day trading on Wednesday, hitting $37.88. 824,855 shares of the stock were exchanged, compared to its average volume of 37,016,464. The firm has a 50-day moving average of $41.71 and a two-hundred day moving average of $52.49. Shopify Inc. has a 52-week low of $29.72 and a 52-week high of $176.29. The company has a market cap of $47.69 billion, a PE ratio of -24.92 and a beta of 1.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 11.17 and a current ratio of 11.17.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. National Bankshares set a $75.00 target price on Shopify and gave the stock an “outperform” rating in a report on Thursday, June 30th. Robert W. Baird reduced their price objective on Shopify from $100.00 to $63.00 in a research report on Friday, May 6th. TheStreet downgraded Shopify from a “c” rating to a “d+” rating in a report on Tuesday, May 24th. JMP Securities began coverage on Shopify in a research note on Tuesday, July 5th. They set a “market perform” rating for the company. Finally, Credit Suisse Group reduced their target price on Shopify from $41.00 to $34.00 and set a “neutral” rating for the company in a report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $72.49.

About Shopify

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

See Also

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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